BRP - Earnings call 3 2023 | The Baldwin Insurance Group, Inc.

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Operator

Greetings, and welcome to the BRP Group, Inc.

Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Bonnie Bishop, Executive Director, Investor Relations. Thank you.

begin. may You

Bonnie Bishop

Welcome Earnings operator. BRP Third Group's Thank Today's to call XXXX Call. is Quarter you, the being recorded.

results, by afternoon uncertainties. actual materially on statements subject Third issued The remarks made ir.baldwinriskpartners.com. company's financial supplemental various such include Form that those and from quarter forward-looking may XX-Q Please earlier note this differ company's assumptions, and results the available to statements. may today are contemplated website at information were risks and

to Form refer the available please note of discussion, regarding and in detailed more BRP a are statements the company's to forward-looking For website. which the on our XX-Q, release earnings most recent both

today, non-GAAP the call also may financial the discuss measures. certain During company

the most comparable please detailed over company's release website to to Trevor posted measures, more earnings turn closely the CEO of will refer BRP company's the call a been supplemental at which financial have discussion ir.baldwinriskpartners.com. I Group. of to now of information, measures on both and non-GAAP GAAP For reconciliation these and Baldwin, historical the

Trevor Baldwin

of quarter Bishop, Relations. diluted XX% you the and back our to on by in XXXX. afternoon Director EBITDA flow earnings free efforts quarter business accretion operating ongoing and was I'm XXXX interest third call. in organic points leverage Chief $XX approximately quarter afternoon, our million versus adjusted and to XX% third period XX% Investor evident grew underlying operations momentum margin paid $X.XX, from for XX% the of this up generated health, by quarter's continued an for contribution the Good the greater from quarter year-over-year. the Hale, for in was margin Officer; cash growing execution, as Bonnie and free and a share this basis Strategy million investments to Officer; grew for million, of the increase Adjusted $XX Kris XXX we business. joined our per third results in EBITDA prior cash flow and cash growth our of year-to-date Chief from XX% of The of resulting of Financial $XX Adjusted Wiebeck, despite earnings robust Brad joining Executive from drive thank

solutions result Additionally, toward adjusted now rapidly growth representing trends sits new business quarter, a of of softer rate And XX continues our capability far added expansion. presence, such fourth relative project-related The like less of to solid enhances international new of July, areas the business Future risk grew record exploring renters deep an operations excellence for from typically MGA the IS we leverages as provide during our the last drive advisory new acquisitions. meaningful other of new with quarter, line XX% the with and goal important months in proposition operating also outsized XXX% impact approximately exceed EBITDA center insurance over performance our growth as at XXXX. we experienced excellence international value our Homeowners and the ] organic the reducing leverage from progress where and in of from our to are the August, of construction center leverage. From up international those we X.Xx, and increases aperture overall expertise from we've specialization growth quarter, and segment advisers our platform perspective, to products have product client business an sensitivity with overall, organic clients Insurance month meaningfully and and the over saw our centers have quarter during of for X to addition a years, last [ to they the to a and the with expands businesses technology of multinational solutions sectors interest rate over we grew and industry premium XX% IS continue and pursue. Underwriting which Solutions, confidently care, platform nonbuilder mergers the risk third Advisory our other peers. of expectations and the levels launch to year. of from In practice to capacity increased In opportunities E&S the seeing of excellence increased significant along can achieved platform, seasonally work health sensitive generated of organically admitted our and we the groups faced insurance strongest significant strong XX%. this the

the starting drive and to during continuing have results durable resilient, new business and long mortgage revenue and are Street significant the rate growth at expect of the Despite the products momentum. in organic investments The driven home and commercial insurance in worth We which sales continue over we made property, to Westwood. we housing due Street strong market launched UCTS both profitable and pressure into Main Solutions also the months in diversification gain new XX%, see further pull-through to legacy future. Main will home quarter, high drive and new been the past have attachment by Insurance to net into growth some MGA, Westwood. are both streams X XX rates, which we of delivered strong

personal the as team shown such rate Street states increases. very navigating tremendous insurance and see in significant Texas lines in to personal continues challenging Florida, markets space large California Additionally, the lines has grit Main where

we on our partnership expanding and more rationalizing go-to-market on our enable and support to with focused executing align delevering integration simplifying begun the be margin by models growth goals initiatives to fully organizational those effective and more at the continue our on balance across work of and enabled to business. structure savings support execution. nimble distinct aimed and have sheet We alignment completion services our client and cost

October superior Juniper fully a Re we a that margin flow map will strategic our expansion financial brokerage Jeff brokerage and efficiency XXXX. On XX, long and growth of position Reinsurance retail integral opportunity to of accelerate our Re the business than free XXXX launch veteran, these provide a broker into experience. and will XX greater has because we road to and We team. expect more in insurance reinsurance had leader operational jumped our broking initiatives and the cash platform. is its on new returns at with announced complement and broking led beginning and more full-service natural Juniper be capabilities as MGA our have we in global Irvin, reinsurance round Re, out of capability years reinsurance and launch the this by helps who ecosystem, seasoned is Juniper broking a

Re revenue early as first the to quarter begin of XXXX. We will as contributing expect Juniper

is our a post-IPO Their has John business. first of of of small colleagues the temp-based have with Lastly, to Partnership thank from and strategic to have our mentored we the built this the our Officer; and map Officer, align and related at today. In years for behalf cycles. goals results time a Officer scale building and Kris BRP, in long their his down included through part of tireless be retiring as road the a firm Chief are achieving and out, XX-Q been set year. well-balanced BRP who former will our in I'd the is industry-leading retirements place announced from our contributors. and business for and than summary, to Board national contributions remains On that Financial agency John this rate Kris Kris as made retirement. step Wiebeck, through BRP once John and Valentine, economic perform maturity enormous Chief of proved and industry a and various end like Kris will our it deliver quarter's diversified, to again that of scores work Chief to growth that Strategy key and period now BRP of

a and for financial leverage. earn who over we colleagues also our this business us. With insurance results. saw solutions efforts has continued it will for over committed them their I'd into want past to focus detail actions to innovative time. clients meaningfully turn thank I I continue operating marketplace to expense Brad, expect navigate targeted challenging in as their to our efficiency meaningful confidence thank expand our you investments the As like margins on and And trust quarter, to we clients, maintain our will for our our will that, deliver to tenacious helping continue

Bradford Hale

everyone. and good afternoon, Trevor, Thanks,

quarter, revenue generated third growth and of total organic the we million $XXX XX% of For revenue.

GAAP our the EBITDA the million a margin EBITDA in XX% compared at rose GAAP XX% filed MIS. diluted As ] quarter the to prior XX% and of quarter which per Trevor earnings million to ongoing organic absorption of the to fully net loss $XX achieved onetime organic or excludes can that quarter We period. third $X.XX. income XX% year third compared net generated in XX-Q period. compensation, for $XX be for Adjusted diluted with prior $XX.X to the release was the which year million or A at SEC. Adjusted the This GAAP table for as XX% of mentioned, in through highlights in the million continue we significant to earn share. quarter our the our of IAS continued growth investments, in Adjusted recorded reconciling was for our UCTS share-based expected. business net our of the and year expenses, expansion growth exists adjusted [ we've net share at operating perform against and per margin found $X.XX third $XX.X loss XX% income leverage amortization backdrop which in prior loss and other quarter,

Trevor rationalization and of go-to-market services simplification mentioned, more fully the on executing aimed our enhanced execution. support client drive as and savings and we our alignment with organizational align Additionally, to initiatives structure approach have at begun cost growth

us expect cash in finished estimated higher earn-outs, XXXX, September, quarter, B leaving approximately opportunistically in generation proceeds to and in-year add-on used for pay Loan our $XXX paying benefit the our earnout vast million. free earn-outs our Term third XXXX. In our we $XXX delevering. and approximately executed $XX revolver million undiscounted a more capacity rapid when these expect we of QX In have facility. After potential with Specifically, from we to $XX credit on flow our the revolving fungible $XXX a remaining we million initiatives with the million we majority obligations paid million down significantly total of

doing so. As a stated, flow, component critical Trevor committed cash remain to to and is free we increasing delevering

the payments net to through a Xx expect $XXX end estimated million. leverage earnout decrease XXXX, by and delever to We goal will our XXXX which of XXXX, target approximately is includes of our of to the end continue

range In addition, X.X to net environment, target are leverage given the current into X to deleveraging Xx X.Xx, we interest adjusting which down XXXX. incremental implies to rate from our

adjusted $XXX EPS and of teens began quarter between XXXX towards result $X.XX contingents to million. The $XXX to organic to of the billion organic launch fourth ratio of million adjusted guidance Re, growth to bringing to and full of $XXX $XX of $X.XX in update project-based of million [ and revenue XXXX, to to million, of and manifest EBITDA EBITDA view $X.XX a our of of $XX $X.XX conservative QX. the the million adjusted and a For continuation prior related start-up revenue year insurance Juniper for costs revenue XX% we expectations primarily $XXX billion, of growth full of IES is to the which high million sensitive expect in year share, per XX% to loss lower ],

of This earnout for the whereby to businesses. their QX our the receive income expect prior We neutral offset at compensation consideration and to prior maturing full the This to will non-shareholders as shareholders of accounting earnouts of portions expense would applicable, nuance that only contingent owners that be change QX acquired. statement. a an allocate discretion previously be the for is in sold consideration portions to the if include business direct the characterized can expense,

be reconciliation because compensation EBITDA the EBITDA our also to highlighting net adjusted to of impact will net are related We income the charge is adjusted on any so neutral. this that matter in included

For partners full shareholders. of the the discretion compensation the million, former whose earnout matures $XX of subject maximum to expense a is in QX,

we as financial we expectations. an Given are for last hosting XXXX in year, not November are had view sharing that Day an initial Investor late we

to drive expect expansion growth capital million. In to us closing, free the The comments allocated towards regarding into heading echo flow Trevor's $XXX upper growth XX% We our over we of would billion $XXX last expected beyond. state adjusted of margin the outsized to revenue and business at of flow into operations the $XXX meaningfully million and operating groups implies from cash free prudently for years and $X.XX of continued $X.XX billion, more EBITDA have end cash accretion, $XXX I of XXXX continued scale has million X of to our positioned million deleveraging. which and our organic range XX%, long-term to

Operator? We take now questions. will

Operator

Instructions] with from Peters comes [Operator of James. Greg Our the question first Raymond line

Unknown Analyst

Greg. This is on for Sid

with we've stress and some PE costs in the So earn-outs. higher heard backed roll-ups interest

could seeing So update in on M&A what you the an market? hoping provide you're

Trevor Baldwin

finance is chosen Yes, mix buyer J. Sid, would is M&A behind pretty into double-digit I in is traded this low dynamic. lowly form to are of levered costs take M&A I'd logic kind the peers XXs shifted deals noticed all-in unclear have definitely to high teens at the really large as corporate that that has with we is of say advantage current able still which it's on synthetic volume me, being number with where Arthur have is capital take say multiples, say capital kind What I'd substantially. to Trevor. deploying The What at. sponsor-backed such expensive down of have transacting them. who the of buyers associated the publicly a to Gallagher, preferreds of

already become a stress our I'd business and with of us. where create and for of for proceeds for this from terrific of focus unique the the growth. We amongst it the our to seen higher in is levered outsized delevering the investing based cost private transpire of industry several the think to opportunities really accelerated capability and use little attract more rates we've the year M&A today, brokers driving over that will highly more some there's and teams kind is bit is, pronounced, top-tier best expertise will talent. and sectors that continued continuing on capital a our of extent coming of So really And high longer organic say us real momentum market bring perspective, stay on where chance

Unknown Analyst

lines pivot wanted of Okay. also your able what about you've some states, dislocations the Yes. but Got stress larger the the could to markets? products. related then there markets I in seeing some I those talk in to more how then you navigate personal you're about to that. know And homeowners and talked you been Hoping in about

Trevor Baldwin

Yes.

standpoint. to homeowner a The both are personal as think the a pricing and market, I it's states anybody. not [indiscernible] So Texas, around surprise experiencing California Florida, such from lines side, particularly exposed in pressure, capacity significant

challenging capacity And those their doing our incredible challenges. work solve so helping our teams navigate are sourcing clients marketplaces to and

products, markets where RMG, the I platform clients. the competitive future capacity think, our our for is bring directly needed a ability in reinsurance to real solving particular, challenges via creates this that advantage source to those and capacity much build from proprietary market

premium products, the So of beginning E&S nonbuilder quarter. mentioned which I as we we're in call, and the up our at admitted home year, in the last earlier XXX% for launched

but excited much go to Not MGA an with able business seeing our ] continued both mortgage business continue the that terrific capacity fantastic in also it we're about very growth us proposition and channel there. and driver We see value it a trajectory marketplace. we're to momentum, [ only very and in a really uptake, the is for the street to builder capacity the ability of gives partners deliver to scarce being main unique needed is provides

Operator

comes Greenspan with of Our next Elyse from Wells question the line Fargo.

Elyse Greenspan

in us as growth guide then the for quarter within the greater organic and that guys think, just as in question, XXXX. I of well you that solutions, fourth are was guys expecting my M&A sense us the what Trevor, you terms you called give construction impactful insurance within first growth that business? For gave of highlighted organic you Can in out in some quarter headwinds, advisory you from how And IS slowdown. in a

Trevor Baldwin

happy Yes. Elyse, to.

as the for looked a the The we from things. basis few about had One, impact as segment revenues a rough at So project-based segment. construction, such rate-sensitive the in pressure organic growth IS we noticeable to definitely -- XXX the exact saw interest is points pullback. we

exclude the in you if would project-related grown tied So the about construction, IES pullback XX% ] have segment [ organically. to impact revenue the of

at our are the similar that quarter whole really though, year of kind construction new for What conservative at of the say, I carrying XXXX. a record would underlying clients a doesn't you momentum is and business -- into more are We and we're our picture fourth forward impact for also look winning broadly, when continuing in encouraging. expectation new a practice view, to our we the via very business. rate see full is tell

overly concerned the you So concerned trajectory leave momentum. we're I that don't to around and want

the the through thesis from is a growing fact, In and business double despite business And it's the I which talked of this we're beginning, that select pockets, I'd power new think through momentum, able our the certain continued the business is we're say capable about very cycle. entire strength to And the opposite. we've in double-digit the with building overall of that growth. in digits weakness and because around

Elyse Greenspan

Okay. including when I'm next then Correct ] in [ of ] your within expect any be seems for year, return when And M&A X.XX like assumption, you're guidance to me And not guys M&A [ would wrong. guide. it activity? would talking you're about terms revenue the X.XX if that's if XXXX that to you the to

Trevor Baldwin

correct. XXXX. M&A activity any Yes. in don't expect Elyse, that's meaningful We

X.X delever Brad year earn-out [ ] points cash to we're expected policy we're our of growth as XXX% EBITDA the nearly flow free heard to the continuing X.X basis ] that going adjusting expect leverage down via as [ satisfy expansion well ] We outlined, the next rapidly while [ to ] liabilities. to you in adjusted XXX margin the to As from X [ X business

creates from kind where perspective, a potential by different we very entering of of today time. flow delever leverage XXXX. time a to is, it's flexibility a to to free the business based that cost expand into delever cash being, for believe capital the prudent us on XXXX on both a and we through full of us able be and to the for perspective. business a focus ton at has continuing efforts But capital that than expect that margin where we is and sit our So turn,

Elyse Greenspan

just And -- then guess, question. I last to want

savings I 'XX million should benefit in a think million. be there about the from your in you effort, mentioned $XX

you year. that want improvement well? your number. like points then verify you're as guidance, that Is to what it around assuming next expecting XXX of are with Just there basis seems margin And guys

Trevor Baldwin

correct, XXX basis are Yes. margin of The $XX year. points we expecting And about is next Elyse. million accretion

Operator

Our with next the comes of from Kinar question Yaron line Jefferies.

Yaron Kinar

I deeper want to to dig I you need scale. understanding, especially initiative. can Juniper here building into challenging, a the little significant get Re my what is, in I'm from broker trying pretty a reinsurance guess when be to

the So how And about be earnings significant investment or that? that platform. accretive in do can despite thinking it order are what you believe you in could EPS be short a

Trevor Baldwin

Yes, very the Yaron, launch question. great We're about Re. of excited Juniper

reinsurance both chain. financial in the ahead long the in returns, its as earlier, plays insurance As but superior of role I mentioned value integral a capabilities we've road strategic result ] our also it [ broking of map the

there's that retail -- there's broking just strategic our capabilities. MGA So having an immense in to us amongst of value added capability and amount

there's for the But world-class team. short. to veteran, Urban, we think payback building a period that. be we reasons here, it's XX-year And deep think going Jeff As about one, a is relationships few relatively

so this learn to built-in to with having again. they're come done they and it so before. how they've And relationships not do

yield advantage business revenues across real reinsurance our broking take relationships able that that to we be believe have we'll of. we Second, significant

business for it, that's it in very EPS And this of a and sight which will while flow this in endeavor that how thinking nature, roughly be to cash rapid line us XXXX, XXXX. period we're about as we have a payback of do negative mentioned. an we is believe positive And being accretive EBITDA for so you

Yaron Kinar

I'm be going you you are looking as of kind the us? accounts shouldn't smaller And will maybe you going or the slices assuming but assume be of targeting definitely. specific or large Yes, well? of at after market reinsurance that after this, scale will reinsurers I some multinational with

Trevor Baldwin

market be the expertise cat deep we specialization going around say we're gate, capabilities of initially, where expansion I'd kind got broad kind the of business major to out Yes. strategic say, the time. we've specialty in to segments on focused But serve of over programs and this all property to least. treaty envision

Yaron Kinar

existing a Okay. going one One Re you segment be carving Is Juniper Or for out segments? final to it? will one. the be separate in of

Trevor Baldwin

It segment. will be UCTS the in

Operator

comes next Our question Shanker Bank of America. with the from Josh of line

Joshua Shanker

I'd Yes. plans about the bit a bit Look, what I are like people Kris the a so we you little John long to you pretty can more guys. about was make and -- young talk said a that mean company them. to how Can little depart and changes life proceeded. time in works to understand

Trevor Baldwin

Josh. Yes.

is with Kris So actually here me.

as only and were of the observed event, there. our John we to We've on big one we take we tenacity got create our the me, the of advantages. for said that's people industry -- happens around in around him Leadership not have said, the and solve how and Kris how the It's And as not the brokers by Kris spend top never run here. before company XXX solutions, about insurance together event cetera. I, brokers come challenges, to fast were the to insurance and So be companies, they well. at want competitive XXX of execute. the drive XXX happy we But that that And sponsored chime agents challenges youngest October, top an have X.X John to time and walking Forum. when And Insurance we're youngest et to and and to the planning and took clients, public, ones event called kind we other but the each that, country we leadership of kind to we every the an weeks can where council of

known talent. sure capable We're to them made And that continue of highly so having for highly always talent. we're time is bench at is to they going commitment going energetic that make recruit to competent, and fresh incredible BRP the mentor an

of that have that's so of and And those through achieved more. done. goals John, for out series Kris we've we a we set what we've and work frankly, And and

to enter see, they'll to next spend charitable close firm. continue of I'm be And so chapter that pursuing and excited for more time multiyear be they'll with words? their have to why us own continue so also them in Kris, agreements share to fantastic little with able families endeavors. expertise. that the their friends a consulting we of But provide you'll you with But and And lives and as don't bit them your just thoughts

Kristopher Wiebeck

Josh, you nice we've for appreciated. goals to appreciate some you one of of if Always the it. at be IPO, [indiscernible] That When post next think basically goals. the our issued we about look revenue. guidance was year,

If IES some to over broker report the the is at we've of in a that's Moody's stay now national platform, question read the if that's real of going accruing pick distress happening private day, side. have you equity. a the in back picking done interest billion in Q&A there. [ of other rates first interest look of you a someone business, If be to lot go probably some there's interest higher, what stress of ], $X ] [ unpaid ahead There's equity them kind

well positioned for that some hiring said, lot that a more, I M&A world, And that. organic is solid really Trevor storm. And looking think of BRP people where from through the on focused so for is ship and John in probably a are I as

best MIS growing. Street the I back focused, IPO, held focused, you Main certainly the our If think time [indiscernible] of business, fast the to personal at go lines

happened you You in are. is growth look MGA, that for us still that we is the the look Charlotte. a the and same metrics new business we're what's it launching with if with business. product fantastic as had now at at is broad-based on business our And That in what It's today renters same We're margin where doing UCTS is Westwood they size, business a segment, today. platform. relatively then a in relatively and fantastic

son's were and is our business on one and super you the at we box look goals, on old. I've So actually feel He's for to check X a next on John never really then standpoint, well of been going He side, to I me the team positioned. And able like that to football on. he's able told company them, every post-IPO flag the personal single coach team coach I'm years a played my week.

there's doing to and going to have, time we so up time. And are things kids at to we're our you're opportunity that spend XXX get that XX some make of can't week, when get a we still hours do. the to working unique And some home, you

I you really we're excited lot think of time evident. feels a John into way we're So quite becomes for and has look And we 'XX know family. fantastic people team. some that. business. and We and our guidance platform to I opportunity bright really did a with as 'XX, here, spend same Trevor and about extra really the it it's and for the And think a the super future ahead some just grateful forward the recruit of

Joshua Shanker

And luck everything. this And with good the by way, is real a quick terrific. one. sounds That

of organic The something there faster one. during growth quarter? disposition quick company Was growth. a overall the a than in the was Just the

Bradford Hale

prior in partnership Josh, was QX it partnership, last related accounting our of adjustments single year a of was purchase part to Yes, year. that

Operator

the of Our next Singzon question comes from JPMorgan. line Pablo with

Pablo Singzon

question, First you're 'XX? upfront consider benefit was I expecting there in the in $XX wondering million match charges are double to your if

Bradford Hale

QX, incur get we to expense. expect through But in anticipated is 'XX booked severance guidance that provided. savings some Pablo, in charges We the million the $XX mark will that

Pablo Singzon

stays 'XX in assuming happens interest interest cash like sounds it like roughly Brad, expense. the that on expense delevering rate cash then more change interest that, like material that Would maybe be event. I no secondly, And fair It and mean environment? going to by Okay. down a seems the assume same, [indiscernible]

Bradford Hale

approximately with We million consistent year, modeled cash $XXX Pablo, the where interest stay expense assumption Yes. they that next today. rates are at under

Pablo Singzon

point? this of you're be commercial than then assume tailwind And Would lines it's Got fair I this how personal the lines to you're it much Trevor. that one the maybe getting market. wondering in at was for larger it. what pricing getting

Trevor Baldwin

Pablo. is, It

look the what MIS from higher So exposure X.X% in have parse of rate than if year. would through was impact business was been that. around on at that. the I IS say The we actually the QX, you lower X% is about in that, of actually would it as and business And which half the down combined business is than the first

And as single-digit line largely ] we not whereas if through this in at above the to, so in business. IES impact third on I slightly the personal we're tailwind [ and in some rate quarter, double-digit point, getting already contraction manifest getting the exposures, low we're about saw close talked side

Pablo Singzon

Got And on it's what [ you, what's me, but for issue don't the like against the some personal side happening for paired it. NGR you, just I'd balance seeing insurers I'd states up to just write, the does sheets don't an curious you're to how an line side, but have appetite sense. right, for are given right That the I that business. hear to ] it be now, -- curious last seem makes then but hear issue of just be on that think

Trevor Baldwin

testament really loss that generating. terrific to and about capacity product MGA finished a that we -- you panel that's improved renewal And a the our from good blue on team our underwriting Pablo, the of lines first fortune approach reinsurers we our our ratios and and of have situation, industry-leading well. feel would consistent mean, consistently good chip know are very large We I just Yes. terms. support takes that having the flood broad-based

in market. solutions to business, deliver meet the And business our really of we've understand bespoke that the stakeholders, capacity team while and incredibly and well. and And providing profitable clients needs got we to is balance also multiple that consistently our providers got our so the MGA in striking unique MGA competitive products we've

Operator

comes next of question [Operator Our line Shields KBW. Instructions] with from the Meyer

Meyer Shields

Trevor, bit quarter little Great. in obviously A digest a about a lot guess, to about to certain was business there deeper of tonight. less could you you -- of terms I I apologize at look lines have, it's Brad, conservative contingent conservative I contingents? hoping go maybe commissions. comment talk which fourth in

Trevor Baldwin

Yes.

ratio viewpoint. loss of on a contingent personal sensitive is a view line this conservative So where taking Meyer, we're seeing Trevor. What you're contracts few conservative there is the a side

to GSEs doing partners the what with couple and as to commissions. payouts our convective generally commission contingent it's on those we've just And ratio trading storm you've looked largely There's certain of supplemental growth and be or largely loss at prudent of the We those ] felt sensitive from we to activity take of still convert ratio would contracts where of contracts was guaranteed commission [ across contracts couple loss been kind to past of tied that. Over supplemental a create consider considering ton contingent the master kind it years, years, based the over some core conservative we've experienced work and of just view. to U.S. are performing of past back the a

Meyer Shields

of issues ballparking any change there sorry, impact -- the Is way Okay. that on adjusted EBITDA. I'm in view fourth like the quarter

Trevor Baldwin

a attribute I that. million Yes, to dollars few

Operator

to for management There further the no closing are call remarks. to back the hand questions in like I'd queue.

Trevor Baldwin

And you their evening. X,XXX and in for speaking look our trust this us again to continued confidence clients our joining colleagues and forward next for our thank and I also all much, hard to nearly very I teams. their with all we you want to Thank dedication. want for Thank quarter. work you thank

Operator

Ladies this and participation. teleconference. for Thank you conclude your does today's gentlemen,

time, lines a may You wonderful and disconnect your have at this day.

The Baldwin Insurance Group, Inc. (BWIN) 7 Nov 232023 Q3 Earnings call transcript